Avocado Market is projected to grow at a CAGR of 5.72%
Knowledge Sourcing Intelligence announces the publication of a new report on “Avocado Market – Forecasts from 2020 to 2025” to their offering.
The growing cognizance of avocado as a superfruit due to the plethora of health benefits and the growing popularity of tropical fruits are at the core among others that result in healthy market growth.
As per the report, the global market pertaining to avocado is expected to reach US$17.905 billion in 2025 from US$12.824 billion in 2019
With the global demand for avocado expanding rapidly during 2018 the global production had attained a volume of 6.3 million tonnes that was an increase by 6.7% in 2017. Avocado has been witnessing the fastest growth in production among the principal tropical fruits during the previous 10 years. The annual average rate of growth was 6% which is mainly due to the expansion in the harvested area of principal producers. The meteoric growth in global demand which increases at an annual average rate of 13 % during the last 10 years is one of the major contributing factors facilitating the production growth. Thus, ultimately avocado occupies the largest proportion of trade in production across the principal tropical fruits. 2018 marked about 35% of the world avocado production bound for export markets as opposed to approx. average 3-5% proportion of other principal tropical fruits, despite occupying the smallest share (6%) all principal tropical fruits, in terms of world production, the same year. In large part, due to the steadfast position of the Dominican Republic and Mexico, more than 50% of the global avocado production occurs in the Caribbean and Central America.
Avocado production in Mexico during 2019 – 20 attained a volume of d 2.32 MMT which is as per the publication by USDA in September 2020 is 6% higher compared to that of 2018-19. The main avocado-producing state in Mexico is Michoacán which is known for year-round contribution to the Mexican avocado market accounting for 74% of the national share and has approx. 26,740 registered avocado producers. It is the only state which has export access to the U.S market whereas domestic consumption is catered by other states and is determined on prices that are governed by international demand. Further moving south, the consumption of avocado in Chile was approximately in the order of 30% of the entire national production which accounts for 65,000 MT per year. The avocado supply in Chile is primarily contributed by the region of Valparaiso representing 67.4 % of the total avocado planted area. Moreover, during the reduced local supplies which are generally observed during May and June, avocados are imported from Mexico, Peru, and the USA. Besides, there have been certain developments related to Chilean avocados that have the potential to influence the global avocado market growth substantiating the forecasts mentioned above.
In August 2020, the honorable Minister of Agriculture, Antonio Walker had announced that Chilean avocados have been granted market access by Australia. As per the La Oficina de Estudios y Políticas Agrarias or ODEPA around 250 MT of avocados were exported to Australia between August and October 2020. Further, in September 2020, it was announced by the honorable minister that market access was granted to Chilean avocados by South Korea. Additional noteworthy influences pertain to the APAC is that of China. To this end, it is important to note that in April 2020, the market access of fresh California Haas avocados as part of the U.S.-China Economic and Trade Agreement (ETA) was announced by China. Despite certain areas in China were known to grow avocados before 2005, and Mexican avocados gaining market access during 2005, it was not until 2013 the consumption of avocados gained momentum. The growing demand for fresh avocados in the country is mainly driven by an increasing pool of middle-income consumers who are inclined to pay a premium for quality, healthy fruits as well as the large millennial population who are inclined to experiment with their diets and accommodate exotic agricultural produce. Fresh avocados are marketed over both offline and online distribution channels in the nation. This also suggests that the APAC region is poised to occupy a significant share in the global avocado market.
As a part of the report, the major players operating in the avocado market, which have been covered areAvehass, Calavo Growers, Inc., Del Rey Avocado Company, Inc., JBR Avocados, Mission Produce Inc, Propal, Westfaliafruit, and West Pak.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/avocado-market
This report segmented the avocado market on the basis following terms
- Hass Avocado
- Bacon Avocado
- Food and Beverage
By Distribution Channel
- Convenience stores
- United States
- United Kingdom
Middle East and Africa
- South Africa
- North America